Good evening folks, the Lord’s Blessings to you all.

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EURUSD.

EURUSD 1hr.

EURUSD 4hr.

EURUSD daily.

A drop below the wave ‘i’ low today gives the main count a boost for wave ‘iii’.
The price action is a bit slow at the moment though,
so I am suggesting wave ‘1’ of ‘iii’ is now complete
and we should see a correction higher into wave ‘ii’ over the coming days if this is correct.
the main thrust lower will come in wave ‘3’ of ‘iii’ and that should com on by Friday.

Tomororw;
watch for wave ‘2’ to complete a lower high below 1.0998.
Wave ‘3’ down should then begin again with a break of 1.0840.

GBPUSD

GBPUSD 1hr.

GBPUSD 4hr.

GBPUSD daily.

Cable broke below the previous wave (i) low this morning and then bounced into wave ‘ii’ pink as shown.
Wave ‘ii’ should trace out three waves up and complete near 1.2700 at the 62% retracement level.
Wave ‘iii’ of (iii) is the wave where the main acceleration lower will happen.
And that will have to wait until later tomorrow or Friday.

Tomorrow;
Watch for wave ‘ii’ to complete the lower high near 1.27 and then return lower to begin wave ‘iii’ down.
A break of 1.2596 again will signal wave ‘iii’ is underway.

USDJPY.

USDJPY 1hr.

USDJPY 4hr.

USDJPY daily.

USDJPY has rallied again today in line with a third wave pattern as suggested.
the price is very close now to hitting the initial target from wave (iii) blue at 149.12.
That level marks where wave (iii) and (i) reach equality.
And even now I can say that wave (iii) is nowhere near complete yet.
this is only wave ‘iii’ of (iii) after all.

Tomorrow;
Watch for wave ‘iii’ to hit that initial target level at 149.12
and then we should see a correction sideways into wave ‘iv’ of (iii).

DOW JONES.

DOW 1hr.

DOW 4hr

DOW daily.

The DOW is lurching lower again today with a very labored pattern.
It is hard to pin down the correct interpretation for wave (i) yet.
But as long as the market is progressing to the downside,
then we have a chance that an impulsive pattern will develop here.
the intermittent spikes downward are impulsive in nature,
so we may be witnessing a cracking veneer here in wave (i) down.
There is another two days left to complete wave (i) this week,
so lets see if the market will oblige us with a full five wave pattern by the close of this weeks session.

Tomorrow;
watch for wave ‘iii’ of (i) to break 37000 and complete an internal five wave pattern in the process.
A correction sideways in wave ‘iv’ should then come.

GOLD

GOLD 1hr.

GOLD 4hr.

GOLD daily.

Gold took another step lower today also,
as the price finally seems to be moving into wave ‘iii’ with some momentum now.
I have labelled wave ‘1’ of ‘iii’ as complete at this evenings lows,
but that idea is up for debate here.
A further decline early tomorrow will signal wave ‘3’ of ‘iii’ is already underway.
the internal pattern of wave ‘iii’ should clear up by Friday in that case.

Tomorrow;
Watch for wave ‘2’ to complete a further lower high to begin the wave ‘iii’ pattern.
Wave ‘3’ of ‘iii’ is the next step lower in this wave count.
And that may even begin by Fridays session in this scenario.

CRUDE OIL.

CRUDE OIL 1hr.

CRUDE OIL 4hr.

CRUDE OIL daily.

A larger three wave pattern in wave ‘c’ complete at todays lows as shown.
The larger triangle pattern for wave (b) is still in play though.
And this evening we have a possible rally into wave ‘d’ again.
Wave ‘d’ should complete below 75.00 in three waves.
and then the final drop in wave ‘e’ will be reserved for Friday possibly.
That leaves wave (c) until next weeks trade.

One step at a time though.

Tomorrow;
Watch for wave ‘d’ to track higher in three waves as shown and complete below 75.00 again.

S&P 500.

S&P 500 1hr

S&P 500 4hr

S&P 500 daily.

The S&P is making a little progress to the downside also today but the price is a long way from breaking initial support yet.
That lies at 4663,
and if this is wave (i) now developing here,
then we should hit that support with ease by the end of the week.
I will have to be patient to see how this pattern grows in the next few sessions,
but we know what should happen in wave (i),
so the target is clear.

Tomorrow;
Watch for wave ‘iii’ to trace out a clean five wave pattern into support as shown.

SILVER.

SILVER 1hr

SILVER 4hr.

SILVER daily.

The main pattern in wave ‘ii’ has not been ruled out by todays further drop.
The action is still very tight in this weeks decline,
and that does favor the wave ‘b’ idea,
rather than a third wave acceleration into wave ‘iii’ pink.
So I will stick with the idea that a flat correction is developing in wave ‘ii’ pink as shown.
And then we will look for another rally in wave ‘c’ of ‘ii’ to complete above 23.52 later this week.
that will leave wave ‘iii’ of (iii) to come next week.

Tomorrow;
Watch for wave ‘c’ of ‘ii’ to turn higher as shown to complete this correction.